India installs 220,00 ATMS/CDs
Japan’s OKI has won the contract to supply 3,500 cash-recycling machines and associated services for the State Bank of India (SBI), India’s largest bank.
Marking OKI’s 5th year anniversary of initial operations in India, the ATM contract is OKI’s largest to date with SBI and will provide ATM-Recycler G8, the latest state-of-the-art cash-recycling ATMs.
In the last few years, many public and private banks in India have deployed Cash Recycling ATMs to efficiently manage customer cash deposits and withdrawals through the same machine.
The initial response saw migrations of cash deposits from teller counters to these advanced ATMs, significantly reducing teller operation loads and automating the cash deposit process. Following sustained adoption by the customers and acceptable of the technological stability of these machines, banks have moved these ATMs outside the branches to provide 24/7 convenience to their customers.
“India is an important market for OKI, and we’re excited by the opportunities available for cash-recycling ATMs,” says Kenichi Tamura, Senior Vice President & Head of Mechatronics Systems Business Group of OKI.
“We’re committed to providing excellent customer service to SBI and building on this strategic relationship for years to come. OKI will continue to aggressively expand its footprint in the country,” Tamura said announcing the contract on 26 June 2019.
The deployment of ATMs and CDs (cash dispensers) in India reached 220,000 units in 2019, making it the fourth largest market in Asia, following China, Japan, and Korea.
Against the backdrop of economic growth and based on channel expansion strategies, this figure is expected to exceed 270,000 units by 2022.
For banks, reducing cash handling costs is a primary driver for deploying cash recyclers. Another significant motive for moving to cash-recycling ATMs is the ability for interbank deposit transactions it confers.
Designed as a strategic model for the global market, OKI’s ATM-Recycler G8, has gained a strong track record and established itself in India’s burgeoning cash economy.
A single ATM-Recycler G8 can handle up to 18,000 notes, a world-leading capacity for products in its category. The machine features high security, including encryption in key modules, the latest operating systems, and advanced features meeting latest regulatory requirements.
It uses deposited banknotes for withdrawals, leveraging its cash-recycling functions to reduce banknote management and operational costs compared to cash dispensers and non-cash-recycling ATMs.
Founded in 1881, OKI Electric Industry (OKI) is Japan’s leading information and telecommunication manufacturer. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems and printer operations. fiinews.com
